99% of people want peace on Earth
March 31, 2009 | Center for Responsible Lending, industry | Comments (1)Obviously, we’re just making that up. But we’re about as accurate as a new Center for Responsible Lending poll about interest rate caps. These people have no shame.
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The activists and politicians who are getting people riled up about “outlandish” APRs should be reminded that people can get riled up about the outlandish fees charged by lawyers as well, and by the outlandish salaries paid to the heads of some nonprofit organizations.
I wonder if our elected officials, many of whom come from and go back to expensive law firms, will support a cap of $36/hour on the fee that attorneys can charge of, as opposed to the $400-500/hour fees which many of them charge now. How many people are driven to bankruptcy by high attorney fees?
And let’s put a cap on the salaries that the heads of nonprofit organizations can receive, of, say, $36,000 per year, so people can rest assured that the donations they make to nonprofits are not just going to greedy administrators. I wonder if Michael Calhoun, Bill Faith, Jean Ann Fox, etc., will support that consumer protection?
These would be federal limits, of course, which would not prevent the states from protecting their citizens even further…